The global market for Hand Tools & Accessories is forecast to reach US$24.3 billion by 2025, driven by their continued relevance in building, shaping, repairing and maintaining an increasingly mechanical and engineered world. A key newsworthy trend in the market is the growing focus on cutting edge design innovations in tool ergonomics especially against the backdrop of a highly mature and commoditized market boxed in by competition from power tools. Growing incidence of work-related musculoskeletal disorders and focus on worker productivity in light manufacturing that require manual assembly are also driving the emphasis on occupational ergonomics. Mechanics’ service tools are witnessing robust demand supported by aging plant infrastructure in most industries and increased load and frequency of maintenance and repair of industrial machinery; strong demand for automotive aftermarket repair and maintenance services; and expanding aircraft fleet and growth in aircraft MRO services; stable construction industry, higher employment rate of construction workers and a parallel increase in demand for masonry and plumbing tools. In the automotive industry which is a major end-use of mechanic hand tools, the growth in aftermarket services is guided by growing global vehicle population (PARC); rising awareness among vehicle owners over the importance of timely maintenance; adoption of remote vehicle diagnostics systems which encourage timeliness of car maintenance and repair; growing base of fleet vehicles which have higher wear and tear associated with higher annual vehicle miles traveled; and increasing sales of used cars in emerging markets. Other major factors influencing growth in the market include growing popularity and value of multitask hand tools for their ability to reduce redundancy associated with standard tool collections; robust demand for manual torque tools in manipulating new generation materials such as ceramics; growing Do-It-Yourself (DIY) home improvement activity in developed countries against the back of rising labor costs and the resulting increase in sales of packaged DIY tools ranging from wrenches, screw driver and hammers.  Read More…

Comments

Post a Comment

Popular posts from this blog

The Global Market for Surfing is Projected to Reach US$9.5 Billion by 2022

Rise of Surfing as a Lifestyle Sport Among all Age Groups Drives the Global Surfing Market, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Surfing market. The global market for Surfing is projected to reach US$9.5 billion by 2022 , driven by the growing interest in surfing both as a leisure and sporting activity, increased accessibility to surfing through surf parks and surf pools and technology innovations focused on developing sophisticated surf-wear and surf-gear.                               Surfing is a surface water sport where a participant riding a board (the surfboard) is carried away by a breaking wave. The surfing industry continues to evolve, driven by sustained efforts of s...
Read more

The Global Market for Private Tutoring Services is Forecast to Reach US$227 Billion by 2022

Intense Competition among Students and the Growing Need to Achieve Academic Excellence Drive the Global Private Tutoring Market, According to a New Report by Global Industry Analysts, Inc. GIA launches comprehensive analysis of industry segments, trends, growth drivers, market share, size and demand forecasts on the global Private Tutoring market. The global market for Private Tutoring Services is forecast to reach US$227 billion by 2022 , driven by the need to keep pace with classroom teaching, improve overall competency and enhance knowledge and skill level. Education is considered the social ladder to achieve success in personal and professional life. Higher education is associated with increased opportunities in the labor market, high remunerations, and improved social standing. People are therefore investing heavily in children’s education, including private tutoring or private supplementary tutoring which is emerging as a major phenomenon in the global education system...
Read more
Image
The global market for Material Handling Equipment is projected to reach US$190.3 billion by 2025, driven by the strong emphasis shed on production and operational efficiency and worker safety. The concept of “last mile” is widely popularized in supply chain management and transportation planning for its ability to increase customer satisfaction and profitability. Automation, optimization and delivery route planning are therefore vital strategies adopted by companies to improve their last mile performance. Of equal importance are the “first mile” operations involving indoor material handling on the plant floor. Raw material being the primary and most importance element in manufacturing needs to move through multiple stages of production and final packaging in a smooth and seamless manner to prevent logistical bottlenecks in production. Timely handling of materials is important to ensure that right materials in right quantities are delivered to the right locations at the right ti...
Read more